A question for homeowners

G

greenfreak

New Member
I'm having a discussion on another message board about the difference in the costs of owning a home between overseas and in the US. The discussion came about because of the big influx of non citizens of the US working here in IT. Since I don't own a home, I can only give what little I know from my family but that's just NY information.

If you don't mind me asking, how much does your house cost you a year including taxes, insurance, etc. but not including maintenance? If you do mind, just tell me to shut my pie hole. :D
 
I bought in the inner city, in an enterprise zone (on purpose) & pay $124./yr on taxes :D

Insurance is about $500.

My house isn't in the latest, trendiest fad home area of Whispering Winds walk with the Springmeadows Deer Run Creek Estates either. Again, on purpose.
 
Around $1,150 a month. Taxes and insurance are escrowed through the bank loan, and that's my payment. $120k mortgage, 15 year, at 5.25%.
 
Price of home = $81,400 (built in 1991)
20 yr mortgage @ 9.5% = $800/month (includes insurance and taxes)
 
We don't pay insurance, Morelia is a rock solid city, earthquakes do nothing to our houses and buildings.

The only tax we pay is predial, and it should be about US$40 a year.
 
Wow, what a difference in these answers!! :eek:

Unc, did I read that right, $40,000 a year?! Jesus that's a hell of a lot. :confuse3:

Steve, that's more what I was expecting... Pad, I'm so jealous--I pay almost double that and I rent. :mad2:

Luis, what happens if your house burns down or is broken into and robbed? You don't have insurance for that? What's a predial tax?
 
Hmm, House payment is 398 a month. 30 years. Insurance, about 60 a month, full replacement. Taxes, around 400 last year.
 
It's just so damn variable. Unc has a huge house, thus the massive payments.

Mine is probably pretty close to the average payment hereabouts, but I've got $80k or soin built-up equity that isn't reflected in the payment. If I were to buy my house now with only 5% down, you could probably add $400-500 per month.
 
greenfreak said:
Luis, what happens if your house burns down or is broken into and robbed? You don't have insurance for that? What's a predial tax?
Click to expand...

If we lose everything in the house either because of a fire or being robbed or any other cause, then that's it we just lost it. Of course we have the option to pay an insurance, we just don't do it. We really don't worry too much about fire because most houses are made of concrete and it is relatively easy to stop a firing. About getting robbed, that's not likely to happen either, security locks, and steel bars soldered to the house structure to protect the windows prevent somebody from breaking into the house.

Predial tax or predio, is a tax you pay yearly based on the catastrophical value of the property, this value is much lower than the commercial value of the property.
 
Let's see...I was paying $583 per month. Insurance and taxes were figured into the mortgage payment, but the initial insurance was out-of-pocket to the tune of $196 for the flood insurance for 1 year, and an additional $312 for the home-owners for the first year. I figure about $430 for taxes for the year...glad I got rid of it in the divorce...
 
greenfreak said:
Wow, what a difference in these answers!! :eek:

Unc, did I read that right, $40,000 a year?! Jesus that's a hell of a lot. :confuse3:

Steve, that's more what I was expecting... Pad, I'm so jealous--I pay almost double that and I rent. :mad2:

Luis, what happens if your house burns down or is broken into and robbed? You don't have insurance for that? What's a predial tax?
Click to expand...
This year is going to be closer to 50. Once I get a 15 yr traditional mortgage locked in it should ramp down to about 32.

now if we ever add maintenance ... and a 3 year shit run in the market ... I should be ready to move from the green monopoly properties into the baby blue properites in like 2 more years.
 
alex said:
Price of home = $81,400 (built in 1991)
20 yr mortgage @ 9.5% = $800/month (includes insurance and taxes)
Click to expand...

refinance...the fed just knocked another .5% off the prime lending rat.

escrow, P & I is about $348 for 10 years.
 
Gonz said:
alex said:
Price of home = $81,400 (built in 1991)
20 yr mortgage @ 9.5% = $800/month (includes insurance and taxes)
Click to expand...

refinance...the fed just knocked another .5% off the prime lending rat.

escrow, P & I is about $348 for 10 years.
Click to expand...

Depends on how much he has to refinance. As he's only got 10 years left, he may not be able to get the lower rate without having to add more years onto the end of his mortgage. Also...nothing beats actually owning your own house. No more mortgage...just, ugh, taxes and insurance.
 
Only when we have a mortgage, Luis. Otherwise, it's just plain good sense. Most folks who own their homes can attest to the litigation atmosphere here in the states, and the possible consequences if somebody malisciously trips and falls on your property...
 
Gonz said:
alex said:
Price of home = $81,400 (built in 1991)
20 yr mortgage @ 9.5% = $800/month (includes insurance and taxes)
Click to expand...

refinance...the fed just knocked another .5% off the prime lending rat.

escrow, P & I is about $348 for 10 years.
Click to expand...

Actually, mortgage rates track with 10 year governments, not fed funds rates. Greenspan's actions have very little effect on mortgage rates.

That being said, mortgage rates are falling again this week as well.
 
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